DALLAS and AUSTIN, Texas – July 5, 2018 – Mission DG, Ltd obtained $24.3 million in construction financing for the development of the Brookwood Senior Apartments, a 197-unit senior housing development in northwest San Antonio, Texas.
Berkadia’s Chad Bedwell, Franklin Brown and Lloyd Griffin secured the financing through HUD’s 221(d)(4) loan insurance program. The two-year construction mortgage has a fixed interest rate of approximately four percent and, after it matures, it will be followed with a 40-year term permanent loan.
A joint effort between Mission DG, Ltd and the San Antonio Housing Trust (SAHT), the project is underway on a 5.8-acre site located at 9015 Ingram Road, two miles southeast of the Highway 151 and Highway 1604 intersection near Sea World San Antonio. Upon completion, the four-story building will offer residents a mix of studio, one- and two-bedroom apartments. Community amenities include a fitness area, a swimming pool, a business center and various other community features.
“This innovative public/private partnership between SAHT and Mission DG, Ltd has facilitated the creation of much needed high-quality affordable senior housing that will help ease the void in the market,” said Griffin of Berkadia’s Austin, Texas office.